Marathon Petroleum Beats Quarterly Profit Estimates

Reuters01-30

Jan 30 (Reuters) - U.S. refiner Marathon Petroleum beat quarterly profit estimates on Tuesday, aided by sustained demand that offset a dip in fuel prices. The shares gained 2.2% in premarket trading.

Despite an increase in global refining capacity, supplies of fuel remain tight amid production cuts by OPEC+ countries and the ongoing war in Ukraine.

Last week, rival Valero Energy beat profit estimates on the back of resilient margins.

Marathon said crude capacity utilization was 91%, resulting in a total throughput of 2.9 million barrels per day (bpd) for the reported quarter.

The company reported adjusted net income of $3.98 per share for the three months ended Dec. 31, compared with analysts' average estimate of $2.20 per share, according to LSEG data.

The Findlay, Ohio-based refiner said net income attributable to company stood at $1.45 billion, or $3.84 per share, for the three months ended Dec. 31, compared with $3.32 billion, or $7.09 per share a year earlier.

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